Strategic Planning Flashcards
What is the definition of “Strategic Planning”?
Strategic planning is a management tool used to guide an organization’s decisions and actions in response to a constantly changing business environment. Strategic planning is a disciplined effort that helps managers by focusing on what they should do, why they should do it, and how they can successfully continue to do it.
What is the first step in the “basic planning process”?
Situational Analysis
What is the second step in the “basic planning process”?
Alternative Goals and Plans
What is the third step in the “basic planning process”?
Goal and Plan Evaluation
What is the fourth step in the “basic planning process”?
Goal and Plan Selection
What is the fifth step in the “basic planning process”?
Implementation
What is the definition of “Goals”?
Goals are the targets or ends the manager wants to reach.
What is the definition of “Plans”?
Plans are the actions or means the manager intends to use to achieve goals.
What is the definition of “Contingency Plans”?
Contingency plans are “what if” plans. They include actions to be taken if initial plans do not work well or if events demand a sudden change.
What is the sixth step in the “basic planning process”?
Monitor and Control
What are the three major types of managers?
Top-level (Strategic)
Mid-Level (Tactical)
Frontline (Operational)
What is the definition of “Strategic Goals”?
Strategic goals are major targets or results that relate to the long-term survival, value, and growth of the organization.
What is the definition of “Strategy”?
A strategy is a pattern of actions and resource allocations designed to achieve the goals of the organization.
What are the five questions to ask yourself when looking to see if your strategies effective?
- Where will we be active?
- How will we get there?
- How will we win in the market?
- How fast will we move and in what sequence will we make changes?
- How will we obtain financial returns?
What is the “Level of Detail” in strategic planning?
Low
